US services sector activity rises in July - ISM - Breaking The News

US services sector activity rises in July - ISM

3 August

1 min read

EPA-EFE/JIM LO SCALZO

Growth in activity in the United States services industry accelerated in July, the Institute for Supply Management (ISM) reported on Wednesday. ISM Services Purchasing Managers Index (PMI) stood at 56.7% in July, up 1.4 percentage points from the previous month.

The Business Activity index rose by 3.8 percentage points to 59.9%, while the sharpest increase of 4.3 percentage points to 59.9% was recorded in the New Orders index. The Prices index contracted at the fastest pace, falling 7.8 percentage points to 72.3%.

"Growth continues - at a faster rate - for the services sector, which has expanded for all but two of the last 150 months... Availability issues with overland trucking, a restricted labor pool, various material shortages and inflation continue to be impediments for the services sector," Chair of the ISM Services Business Survey Committee Anthony Nieves said in the report.

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